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Jasper Explorer Secured Bond

Through a complex corporate structure, Jasper Offshore (Cyprus) Ltd (“JOL” or “Parent”) is raising, through a private placement, $165 million in secured bonds through its wholly owned subsidiary Jasper Explorer Ltd (“JEL” or Issuer). Proceeds of the offering will be used to repay a bank loan and redeem the 2nd lien notes currently secured by the drillship, Jasper Explorer as well as to fund working capital, the initial amount of Available Free Cash required and an amount standing to the credit of the retention account. Any excess will be utilized for general corporate purposes. The drillship is owned by Jasper Explorer Pte Ltd. (“JEP” or Owner”) and is bareboat chartered to Jasper Drilling Pte Ltd. (“JDP” or Charterer”) both of whom will guarantee the notes along with the Parent.

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